Invoices

Srike the wall

Non Profit Organization - An invoice is normally evidence of a contract. Simply put, a contract is an agreement between two individuals or entities. A contract may be oral or written. An invoice is a document demonstrating the amount owed under the terms of the contract. However, if an invoice has language contituting a contract (or an agreement), it may also be deemed a contract.

Invoices and claims can be claimed on:

• actual spend
• a set amount per quarter (a profile payment)
• a set percentage of the award on either the actual cost or budgeted amounts
• the work packages completed, for example patient numbers for clinical trials

Invoices and claims are usually set up at the start of the award and are sent to sponsors either quarterly or annually. These are called interim claims and they are sent out to the sponsor, usually without consultation with departments.

However you may be contacted if:

• spending has not started on your grant and the claim date is due
• there is an overspend on your account and you cannot claim all the items spent
• goods or services have been purchased and we need to check they are within the terms and conditions of the award

When research finance are about to process the final invoice or claim, ie the last one before the grant finishes, we will need final approval from the Principle Investigator / Administrator that all expenditure has been incurred.

The Grant Accounting Office's (GAO) role in the management of subawards is focused on the approval process prior to finalization of the subaward agreement and the review of the interim and final invoices for agreement compliance after the final agreement is signed.

All claims in respect of Actual Costs must be supported by fully receipted original invoices, providing the following details:

• Supplier's name, address and VAT Registration Number (where appropriate)
• Claimant's name and address, i.e. the business name in the approved RDC contract who is the scheme beneficiary
• Detailed description of services provided or goods supplied, separately costed, to include serial numbers for any equipment purchased
• Date on which the services or goods were supplied
• Total amount due for payment by the customer with the VAT element clearly detailed
• Amount paid with details of any discount awarded which fully explains any difference between the amount due and the amount paid
• Date paid
• Method of payment e.g. cheque, debit card, etc
• Business stamp or Signature of person receiving payment on behalf of the Supplier

In addition, when you submit a fully receipted original invoice you must also back it up with other evidence of payment, such as:

• The original cleared cheque
• The original bank or credit card statement
• The original bank giro credit transfer slip
• An Accountant's report
• A certified extract from the Business accounts

Read More:
The scottish government
Pennsylvania
The University of sheffield
The university of lowa
lawguru
red wave commerce